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Aeon Co. in the next five years plans to triple its stores in China, a country from which Japan's largest supermarket operator predicts it will eventually generate more revenue than domestically.

"Sales growth in Japan has stalled," the Chiba, Japan-based company's assistant chief representative for China, James Kazumasa Ishii, said. Aeon's Asia business, including China, Malaysia and Thailand, accounts for less than 5 percent of the group's revenue now.

The operator of the Jusco brand of supermarkets is diversifying its business outside its home nation. China will probably surpass Japan by 2010 as the world's second-largest consumer goods market, Chinese Vice Premier Wu Yi said last month.

Overseas retailers sped up expansion in China after being allowed to operate without domestic partners in 2004 as part of a pledge to the World Trade Organization. Wal-Mart Stores Inc, the world's biggest retailer, has built a network of 78 stores while Paris-based Carrefour SA., the world's second largest, set up 95 outlets.

Related readings:  Best Buy to add up to 10 stores in China in 18 months  China's retail sales accelerate on rising incomes  Tesco supermarket gets hold in Beijing

"It will take time for China to contribute significantly to Aeon's total earnings," said Masafumi Shoda, a Tokyo-based analyst at Nomura Holdings Inc. "In order to succeed in China, Aeon has to lower its operating costs, including rents and labor, amid tough competition."

The market is still dominated by local players. Bailian Group, China's biggest retailer, has 7,180 stores and Gome Electrical Appliances Holdings Ltd., the nation's biggest electronics retailer, owns 623.

"We cannot compete with Chinese retailers in terms of sales," said Toshiji Tokiwa, former chairman of Aeon Stores Hong Kong and now Aeon Co.'s corporate adviser. "However, we will beat them by profitability."

As part of Aeon's five-year plan, the retailer plans to open its first store in Beijing before next year's Olympic Games in 2008 and another shopping center in Macao within two years, according to Senior Vice President Akihito Tanaka. Its first lunchbox store, selling Japanese-style "bento" meals, will open this year in Hong Kong, where it operates 21 supermarkets, he said.

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